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Prepare the bank reconciliation for Wilderness Associates at October 31, 2024. Ron of...

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Accounting

Prepare the bank reconciliation for Wilderness Associates at October 31, 2024.

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Ron of Swanson Woodworking is getting ready to prepare the October bank reconciliation. The cash balance on the books of Swanson Woodworking on October 31 is $3,546. Ron reviews the bank statement, and notes the cash balance at October 31 of $2,445. The bank statement also reveals that the bank collected a note receivable on behalf of Woodworking -- the principal was $1,500 and the interest was $15 One customer's check for $29 was returned by the bank for insufficient funds. Two additional items on the bank statement were the monthly EFT for the utilities, $250, and the bank service fee of $12. Lori notes that the cash deposit made on October 31 of $3,300 does not appear on the statement, and that three checks totaling $975 had not cleared the bank account when the bank statement was prepared

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